Markets brace for Fed week as gold breaks $5,000 and a winter storm snarls U.S. travel

U.S. markets opened the week in a holding pattern as traders awaited a high-impact stretch of catalysts, including a Federal Reserve policy decision and a fresh run of big-tech earnings. Stock-index futures were little changed, reflecting a tug of war between resilient risk appetite and a growing list of macro and geopolitical concerns.

The loudest signal came from commodities: gold futures vaulted above $5,000 an ounce for the first time, extending a powerful safe-haven rally. Analysts pointed to heightened uncertainty tied to shifting trade policy, broad geopolitical friction, and questions about the path of interest rates. Silver also surged to fresh records, reinforcing the message that investors are paying up for perceived protection.

Bond markets echoed the cautious tone. Treasury yields eased modestly, a move often associated with a “risk-off” posture or expectations that policy could turn more supportive later in the year. Meanwhile, bitcoin traded lower than recent highs, underscoring how quickly sentiment can rotate when macro volatility rises.

Travel disruptions added an unusual real-economy stress point. A major winter storm spanning wide parts of the United States prompted more than 20,000 flight cancellations from Saturday through Monday morning, hitting key hubs on the East Coast especially hard. Airlines also faced extensive delays as snowfall totals climbed and airport operations struggled to normalize.

Trade tensions further complicated the backdrop. Over the weekend, President Donald Trump threatened steep new tariffs on Canadian imports after criticizing a recent Canada–China agreement. Markets have become increasingly sensitive to tariff headlines because they can quickly reshape inflation expectations, corporate margins, and global supply chains.

Investors also watched a burst of activity in critical minerals and industrial policy. Shares of USA Rare Earth jumped after news of new federal funding support, signaling Washington’s continuing push to build domestic capacity in strategic materials and manufacturing. For markets, the episode served as a reminder that industrial policy—alongside monetary policy—remains a major driver of sector winners and losers.